What to do when a First Citizens account holder dies

On a co-owner's death, the money in a joint account with survivorship belongs to the surviving co-owners, and the bank may pay it to them in equal shares. Joint accounts opened online can only be opened with survivorship.¹

Unless its records clearly show a different intention, the bank treats an account with more than one named co-owner as a joint account with right of survivorship and may pay the remaining funds to the surviving co-owners.¹

A joint account without survivorship is owned by the deceased co-owner's estate and the surviving co-owners. The bank may require withdrawals signed by the survivors and the estate's legal representative, pay the balance to the court, or pay it to the survivors and the estate.¹

When the last account owner dies, the balance belongs to the surviving beneficiaries, who hold it as joint tenants without right of survivorship unless state law requires otherwise. If the account does not meet the requirements, the bank may pay the funds to the last owner's estate.¹

With more than one beneficiary, the bank may pay equal shares by separate checks or one check payable to all of them. The bank has no obligation to tell a beneficiary that the account exists.¹

If the trustee dies, the bank "may not be able to release any funds until a successor trustee is appointed and all other technical legal requirements have been satisfied."¹

A fiduciary, including a personal representative, must be designated as such on the signature card; otherwise the bank treats the account as owned in an individual capacity.¹

The custodian of a UTMA, UGMA or Missouri transfers-to-minors account agrees to notify the bank in writing immediately if the minor dies.¹

If the adult on a "minor by" account dies before the minor comes of age, the bank may name another adult, transfer the funds to the minor's representative or to a UTMA account, or pay them to the clerk of court.¹

No early withdrawal penalty applies to a CD when any owner of the account has died.¹

The bank does not assess its early withdrawal penalty on an IRA or Keogh time deposit withdrawn after the owner's death.¹

When the owner of a North Carolina personal agency account dies, the agent's authority ends and the balance is paid to the legal representative of the estate or to the Clerk of Superior Court.¹

For a North Carolina joint account opened before June 1989 under the older statute, the bank may pay the share payable to the Clerk of Court or the estate to the surviving co-owners, or to them and the estate, subject to the personal representative's collection rights.¹

When the owner of a Florida convenience account dies, the convenience signer's authority ends and the balance is paid to the legal representative of the estate or to the Clerk of Superior Court.¹

When the owner of a Texas convenience account dies, the convenience signer's authority ends and the balance is paid to the legal representative of the estate or to the Clerk of Superior Court.¹

First Citizens mortgages²

First Citizens credit cards²

CIT Bank accounts²

Investment and brokerage accounts³

First Citizens wealth accounts³

Institutional trust accounts³

Estates where First Citizens serves as executor, from court filings to distribution⁴

First Citizens BancShares stock held by shareholders of record, including stock transfers⁵

Each co-owner of a joint account agrees to notify the bank promptly of the death of another co-owner.¹

An owner's death does not end the bank's authority to accept, pay or collect items until it knows of the death and has a reasonable opportunity to act on it.¹

On the death of an owner or co-owner, the bank may delay disbursing funds until it receives the documentation it reasonably requires or that the law requires.¹

Even after it knows of the death, the bank may pay checks drawn on or before the date of death for ten days after the death, unless a person claiming an interest in the account orders a stop payment.¹

The bank may follow instructions from a representative whose documentation it reasonably believes valid, including a court-appointed fiduciary from a state other than the one where it deems the account to be located.¹

The bank's right of setoff may be exercised before or after the death of an account holder.¹

A pledge of the account as security for a debt survives the death of the person who pledged it and binds the heirs, personal representatives, co-owners and payable-on-death payees.¹

The bank may keep recognizing an attorney-in-fact until it receives notice of the account owner's death and has a reasonable opportunity to act on it.¹

An account First Citizens acquired from another institution is governed by the same statutes as accounts opened at the bank in the state where the account is maintained.¹